According to the advanced development of Light Weight Torpedo, the overall items related with the parachute type and gore layout and air stabilizer of the parachute for fixed and rotary wing aircraft are described in this paper. Also, the drag-area which should satisfy the firing envelope, parachute inflation characteristics, stability of parachute and torpedo in airdropping, water entry impact on torpedo and parachute constituted the principle design factors. The important trial and errors occurred in the step of performance of the parachute for fixed and rotary wing aircraft are investigated and analyzed.